Shares of Hackett Group (NASDAQ: HCKT) surged 13.35% on Monday, November 5, 2024, after the management consulting and technology solutions provider reported impressive third-quarter 2024 financial results and highlighted promising growth opportunities in the burgeoning generative AI (GenAI) market.

For the quarter ended September 30, 2024, Hackett Group reported adjusted earnings per share of $0.43, exceeding the consensus estimate of $0.40. The company's revenue rose 5.2% year-over-year to $79.78 million, surpassing Wall Street's expectations of $76.61 million. The strong performance was driven by solid growth in the company's Oracle Solutions and SAP Solutions segments, which saw revenue increases of 7% and 17%, respectively, compared to the same period last year.

A key highlight of the quarter was the promising growth in Hackett Group's GenAI engagements, fueled by the AI XPLR platform and the recent acquisition of LeewayHertz. The company's AI and automation capabilities have been significantly enhanced, positioning it to capitalize on the growing demand for generative AI solutions across industries. Management expressed optimism about the potential synergies and value creation opportunities arising from the LeewayHertz acquisition and the associated joint venture.